MIRA INFORM REPORT

 

 

Report No. :

499797

Report Date :

04.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

SUNSHOW  SPECIALITY  CHEMICAL  COMPANY  LIMITED

 

 

Registered Office :

Workshop No. 7, 2/F., Mansfield Industrial Centre, 19 Hong Yip Street, Yuen Long, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

06.08.2005

 

 

Com. Reg. No.:

35915246

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Chemical Trader of All kinds of chemicals

 

 

No. of Employees :

6

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

HONG KONG - ECONOMIC OVERVIEW

 

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China through trade, tourism, and financial links aided a more rapid initial recovery than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy.

The Hong Kong Government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.4% of total system deposits in Hong Kong by the end of 2015. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota.

The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% of the exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.

 

Source : CIA

 

NOTE

(Formerly located at:

Unit A, 13/F., Heng Shan Centre,

145 Queen’s Road East, Wanchai, Hong Kong.)

 

 

Name And Address

 

SUNSHOW  SPECIALITY  CHEMICAL  COMPANY  LIMITED

 

 

ADDRESS:             Workshop No. 7, 2/F., Mansfield Industrial Centre, 19 Hong Yip Street, Yuen Long,

                              New Territories, Hong Kong.

 

MANAGEMENT:      Managing Director:  Mr. Wang Ke

 

 

SUMMARY

 

Incorporated on:      6th August, 2005.

 

Organization:           Private Limited Company.

 

Issued Share

Capital:                   HK$10,000.00

 

Business Category: Chemical Trader.

 

Employees:             6.

 

Main Dealing Banker: Standard Chartered Bank (Hong Kong) Limited, Hong Kong.

 

Banking Relation:    Satisfactory.

 

Registered Head Office:-

Workshop No. 7, 2/F., Mansfield Industrial Centre, 19 Hong Yip Street, Yuen Long, New Territories, Hong Kong.

 

Associated Company:-

Sunshow (Yantai) Specialty Chemical Co. Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

35915246

 

 

COMPANY FILE NUMBER

 

  0988184

 

 

MANAGEMENT

 

Managing Director:  Mr. Wang Ke

 

 

ISSUED SHARE CAPITAL

 

 HK$10,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 06-08-2017)

Name

 

No. of shares

WU Chun Ye

 

360

CHEN Chun Hui

 

570

HUANG Guan Ming

 

670

WANG Ke

 

5,750

ZHANG Xi

 

1,045

WU Da Wei

 

1,260

PAN Nan Xi

 

50

ZHENG Zuo Jian

 

50

Hou Li Min

 

20

ZHENG Wei Na

 

20

WANG Li Na

 

20

ZHANG Xiu Xiu

 

12

YUAN Guang

 

13

[to be continued]

[continued]

YU Ying

 

50

ZHU Wen Huan

 

50

XIE Hong Bo

 

10

ZHAO Na

 

10

LIU Yun Long

 

40

 

 

––––––

 

Total:

10,000

=====

 

DIRECTORS

 

(As per registry dated 06-08-2017)

Name

(Nationality)

 

Address

WANG Ke

No. 801, NO. 76, Xianlie Zhong Road, Yuexiu District, Guangzhou City, China.

 

 

SECRETARY

 

(As per registry dated 06-08-2017)

Name

Address

Co. No.

Bar Tech Co., Ltd.

Unit 2717, 72/F., Tuen Mun Central Square, 22 Hoi Wing Road, Tuen Mun, New Territories, Hong Kong.

0345368

 

 

HISTORY

 

The subject was incorporated on 6th August, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at ‘Unit A, 13/F., Heng Shan Centre, 145 Queen’s Road East, Wanchai, Hong Kong’, moved to the present address in June 2016.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:          Chemical Trader.

 

Lines:               All kinds of chemicals.

 

Employees:      6.

 

Commodities

Imported:          China, other Asian countries, etc.

 

Markets:           Other Asian countries, Europe, North America, etc.

 

Terms/Sales:  As per contracted.

 

Terms/Buying:  Various terms.

 

FINANCIAL INFORMATION

 

Issued Share Capital:                 HK$10,000.00

 

Mortgage or Charge:-

Date:    17-03-2016

Description of Instrument:          Security Agreement Over Bank Account (All Moneys) (Own Obligations) (With Fixed and Floating Charge)

Mortgagee:                               Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

 

Profit or Loss:                           Made small profits in past years.

 

Condition:                                 Keeping in a satisfactory manner.

 

Facilities:                                  Making rather active use of general banking facilities.

 

Payment:                                   No Complaints.

 

Commercial Morality:                 Satisfactory.

 

Banker:                                      Standard Chartered Bank (Hong Kong) Limited, Hong Kong.

 

Standing:                                  Normal.

 

 

GENERAL

 

Incorporated in August 2005, Sunshow Speciality Chemical Company Limited is jointly owned by a number of China merchants.

The director of the subject Mr. Wang Ke is also a China merchant.  He is a China ID holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.

The subject has had an associated company in China known as Sunshow (Yantai) Specialty Chemical Co. Ltd. [Sunshow Yantai] which is in Yantai City, Shandong Province, China.

Sunshow Yantai is wholly-owned by the subject.

Sunshow Yantai is the leading polymer additives manufacturer and supplier.  Its business scope is mainly in high-tech weathering resistance, oxygen-resistant and innovative solutions for polymers used in many application of daily life.  Specializes in the production of light stabilizer, UV absorber, antioxidants and other related products, over 50% of its products have been exported to all over the world.

Sunshow Yantai is the leading producers of polymer weather-resistant additives.  Its additives have protected 4,000,000 tons of polymers every year.

There are more than 200 employees in Sunshow Yantai.  Its production plant has an area of 85,000 sq.m., its workshops cover 32,000 sq.m., and its office area is around 5,000 sq.m.  It also has two laboratories, the Analysis Lab and Application Center.

Sunshow Yantia has an annual capacity of 10,000 tons of additives, and sales volume is 5,000 tons annually, with total turnover around US$50 million.  It has been cooperating with the world-famous polymer additive company.  Now, it has become an excellent supplier for the plastics, coatings, fibers, adhesives and rubbers industries all over the world.

Its registered Trademarks include: SUNOVIN®， SUNOX®, SUNFOR®, SUNNA®, SUNOBLE®, SUNCLAER®, SUNGUARD®, SUNAMIDE®.

The history of the subject in Hong Kong is over twelve years and seven months.

On the whole, consider it good for normal credit requirements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.02

UK Pound

1

INR 91.46

Euro

1

INR 80.09

HKD

1

INR 8.30

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.